Zentec Security Limited (05642042): administration
- Status
- Administration ended
- Administration began
- 2012-10-18
- Administrators' firm
- FRP Advisory
- Formerly
- SIA Personnel Limited
- Incorporated
- 2005-12-01
- Location
- Worthing
- Industry
- 80100 Private security activities
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
Zentec Security Limited (“Zentec”) supplied static guarding services to the retail, commercial and construction sectors throughout the UK. The business was established and incorporated by David Charnley and Roy Henley in December 2005 as SIA Personnel Limited. As a result of intervention from SIA, the governing body for the security industry, the company was renamed Zentec Security Limited in July 2008. We understand that Zentec built up a good client base and initially traded wel! and in December 2010 the company acquired the business and assets of Protech Integrated Services Limited (’Protech”) out of Administration for £90,000. At this time Protech’s turnover was some £2 1m.
The company’s financial difficulties can be traced back to a point in time just after the acquisition of the business of Protech when one of their largest chents, DTZ Property Services, terminated their contract valued at £165,000 per annum in addition Zentec lost further business following the Administration and closure of Peacocks
In addition to the above, one of the orginal shareholders and directors of the company Roy Henley, due to personal reasons, resigned as director of the company and sold his 50% share in the company to a third party for £42,500. We are informed that the consideration was pard directly to Roy Henley from the company’s business account rather than from the investor
Administrators' statement of proposals (2012-12-11) · Companies House register